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| Home » Bank of America » Student Loan Consolidation |
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Bank of America Student Loan Consolidation |
Bank of America student loan consolidation has helped a large number of students to consolidate their multiple loan debts during and after their studies. Bank of America is the nationwide provider of Federal Family Education Loan Program that includes the Federal Consolidation Loan in its loan products. The BOA Student Center also provides vital information on college savings plans, FFEL student loan products, college financial planning and BOA private loans. Even if you are a customer of the bank, you are still welcome to apply for the student loan with the bank.
Bank of America Federal Student Loan Consolidation
BOA federal student loan consolidation programs are very helpful for those students who have borrowed several student loan programs to finance their studies. Under the term of FFEL programs, the federal student loan consolidation comes with fixed interest rates based on the government "weighted average" calculations. Student loan consolidation rates can also be calculated by using the BOA's handy online calculator. Eligible students can use this special program to consolidate all the federal loans including Disadvantaged Student Loans and Federal Direct Loans. Some savings incentives extended by BOA include:
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- 25% reduction in interest rates for those borrowers that have setup electronic debit payments
- Fee-free application, early repayment and origination benefits
- Reduction of 1.00% in interest rate after 36 months of timely repayments.
Bank of America Private Student Loan Consolidation
A large number of students use private student loans to pay their education expenses. Many of them are also unable to repay it and they go for consolidation loans to cover their defaults. Over the last 6 years, private student loans have been widely used as the best financial aid option for the students. Private student loan consolidation from Bank of America provides the borrowers with the flexibility to roll all their private student loans into one single monthly payment.
Bank of America student loan consolidation rates are very affordable as they offer a consolidated payment. This offer relief to the students from high interest rates of their multiple loan payments. Minimum loan amount that can be consolidated is $10,000. Borrowers who have paid 48 on-time-payments consistently in a row will earn a reduction of 78% in interest rate and an additional .25% for payments with electronic debit system. However, borrowers cannot consolidate private and federal student loan into a consolidation loan program as they will lose the benefits of the federal loan program. Bank of America student loan consolidation calculator is an effective tool that borrowers are required to use before applying for a consolidation program. This calculator can be found at the official website of the bank.
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